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China's Cobalt Prices Fail to Match Overseas Cobalt Price Adjustment
Jul 12,2010 17:45CST
smm insight
Source:SMM

SHANGHAI, July 12 (SMM) -- Prices of refined cobalt prices set on MB website continue to fall slightly, and low-end prices of 99.3% refined cobalt fell from USD 16.8/lbs to USD 16.5 lbs. The price cut from overseas market is closely related to sluggish demand in overseas market as well as sluggish transactions during the holiday period in Europe.

According to SMM sources, domestic cobalt product traders still kept offers firm, and didn't cut prices along with overseas market prices. This is mainly due to the fact that current cobalt product prices are already lower than production costs and the recent transactions have increased slightly. Market participants believed that market price adjustment shall largely depend on cobalt product price from Jinchuan Group. If Jinchuan Group cut down prices, domestic cobalt products suppliers will also follow suit to cut prices.

Current mainstream offers of domestic refined cobalt were between RMB 320,000-335,000/mt.

To contact the writer on this report: fergiewang@smm.cn

 

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